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This user guide contains different guidelines to help you becoming familiar with \u00ab iLoan \u00bb application and knowing to use it.<\/p>\n
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[titled_box variation=”silver” title=”1. Calculate my borrowing capacity”]
\nIn this guide, you will know how to calculate your borrowing capacity.
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Monthly payment capacity<\/strong><\/p>\n Enter your annual income, your current monthly payment and the maximum allowed debt ratio.<\/p>\n As a result, you will get your credit capacity, your current DTI and your monthly capacity available for a new loan.<\/p>\n Remark:<\/strong> if your current monthly payment exceed your monthly capacity, then the application displays a DTI and remaining capacity in red.<\/p>\n [\/five_sixth_last] [three_fifth] Borrowing capacity<\/strong><\/p>\n To determine your borrowing capacity, the application takes your remaining capacity due calculated above.<\/p>\n Only amount of payment and loan duration fields are required. You are free to specify whether or not a value for the annual interest and insurance rates. These elements can also be added or edited in the simulation.<\/p>\n [\/five_sixth_last] [three_fifth] Results<\/strong><\/p>\n \u00ab iLoan \u00bb presents not only the result of the loan calculated but also those of the previous and following five loans with the same criterias but with different periods (from 1 to 5 year).<\/p>\n With histograms, you can compare the evolution of the amounts borrowed and the cost of credit (interest and insurance).<\/p>\n [\/five_sixth_last] [three_fifth] Loan: characteristics<\/strong><\/p>\n You can give a name for your simulation and leave a reference about the organization which supports the proposal. In addition, a category system facilitates the classification of all your simulations.<\/p>\n The loan is automatically populated with data from your simulation: purchase amount, repayment period, interest and insurance rates. These values \u200b\u200bcan be changed.<\/p>\n [\/five_sixth_last] [three_fifth] Loan: results<\/strong><\/p>\n Your loan is illustrated with a pie chart to better understand the distribution of principal, interest, insurance and other costs.<\/p>\n You can specify a starting date, add notes, view the amortization table and then export it to CSV or PDF format.<\/p>\n [\/five_sixth_last] [three_fifth] Amortization table<\/strong><\/p>\n This screen shows the progress of capital compared to interest and insurance.<\/p>\n You have both a summary per year and a full list of all monthly payments. The table shows the distribution of each payment and the remaining balance due date.<\/p>\n [\/five_sixth_last] [divider_top]<\/p>\n [titled_box variation=”silver” title=”2. Simulate my real estate project (or consumer goods)”] [three_fifth] Creating a project with multiple loans<\/strong><\/p>\n Among all the simulators, we recommend to use “Project with loan arrangement.” Indeed, this simulator is the one that will offer you more possibilities: charges, multiple loans, loan underway, smoothing loan, etc …<\/p>\n [\/five_sixth_last] [three_fifth] Characteristics<\/strong><\/p>\n To begin your project, enter the amount of your purchase and the contribution that you have.<\/p>\n You can give a name for your simulation and leave a reference about the organization which supports the proposal. In addition, a category system facilitates the classification of all your simulations.<\/p>\n [\/five_sixth_last] [three_fifth] Charges<\/strong><\/p>\n Transaction, notary and renovation costs are automatically included in your financing plan.<\/p>\n [\/five_sixth_last] [three_fifth] Adding a interest-free loan<\/strong><\/p>\n Add in your financial plan a interest-free loan from \u00ab Loans of project \/ Add a loan \u00bb.<\/p>\n [\/five_sixth_last] [three_fifth] Add a smoothing loan<\/strong><\/p>\n Add a loan smoothing (duration) to complete your financing plan from \u00ab Loans of project \/ Add a loan \u00bb.<\/p>\n The loan amount is automatically filled based on the principal still needed. Enter your monthly payment, interest & insurance rates and the date of release of funds.<\/p>\n [\/five_sixth_last] [three_fifth] Customization of smoothing loan<\/strong><\/p>\n Specify any charges.<\/p>\n [\/five_sixth_last] [three_fifth] Payment levels<\/strong><\/p>\n Check the levels of reimbursement for your project \u00ab Advanced \/ Payment levels \u00bb.<\/p>\n [\/five_sixth_last] [three_fifth] PDF export<\/strong><\/p>\n Export your project as a PDF file from “Advanced \/ Export \/ PDF”.<\/p>\n Break-down of repayment illustrates the level of loans.<\/p>\n [divider_top]<\/p>\n","protected":false},"excerpt":{"rendered":"
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\nIn this guide, we will use the most advanced features of the application to simulate real estate purchase.
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